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Solow's Struggle with Medium-Run Macroeconomics: 1956-1995

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  • Michael Assous

Abstract

Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macroeconomics of the medium-run. This paper recounts the history of Solow’s different attempts to address this issue. It starts in early 1950s when Solow developed his long-run growth model and it ends in the mid 1990s with the publication of A Critical Essay on Modern Macroeconomic Theory co-written with Frank Hahn. This narrative involves different economists associated with various research traditions, going from the neo-classical synthesis in the 1960s, the New Classical Economics in the 1970s and the New Keynesianism in the 1980s.

Suggested Citation

  • Michael Assous, 2013. "Solow's Struggle with Medium-Run Macroeconomics: 1956-1995," Center for the History of Political Economy Working Paper Series 2013-17, Center for the History of Political Economy.
  • Handle: RePEc:hec:heccee:2013-17
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    File URL: http://hope.econ.duke.edu/node/836
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    References listed on IDEAS

    as
    1. Thor Hultgren, 1960. "Appendices to "Changes in Labor Cost During Cycles in Production and Business"," NBER Chapters,in: Changes in Labor Cost During Cycles in Production and Business, pages 79-85 National Bureau of Economic Research, Inc.
    2. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-31, January.
    3. Thor Hultgren, 1960. "Changes in Labor Cost During Cycles in Production and Business," NBER Books, National Bureau of Economic Research, Inc, number hult60-1, April.
    4. F. H. Hahn, 1960. "The Stability of Growth Equilibrium," The Quarterly Journal of Economics, Oxford University Press, vol. 74(2), pages 206-226.
    5. Ian M. McDonald & Robert M. Solow, 1985. "Wages and Employment in a Segmented Labor Market," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1115-1141.
    6. Robert M. Solow, 2007. "The last 50 years in growth theory and the next 10," Oxford Review of Economic Policy, Oxford University Press, vol. 23(1), pages 3-14, Spring.
    7. Solow, Robert M, 1988. "Growth Theory and After," American Economic Review, American Economic Association, vol. 78(3), pages 307-317, June.
    8. Verena Halsmayer & Kevin D. Hoover, 2013. "Solow’s Harrod: Transforming Cyclical Dynamics into a Model of Long-run Growth," Center for the History of Political Economy Working Paper Series 2013-02, Center for the History of Political Economy.
    9. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-354, August.
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    More about this item

    Keywords

    economic growth; Robert Solow; Medium-Run macroeconomics; dynamics; multiple equilibria;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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